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Grade 3-5
,
Lesson

Uncle Jed’s Barbershop

Updated: February 14 2017,
Author: Andrew Hill

Students listen to the book Uncle Jed’s Barbershop, about an African American barber who, despite significant setbacks, saves enough money to buy his own barbershop. From the story, students learn about saving, savings goals, opportunity cost, and segregation. The students participate in a card game to further investigate what it takes to reach a savings goal.

Introduction

Students listen to the book Uncle Jed’s Barbershop, about an African American barber
who, despite significant setbacks, saves enough money to buy his own barbershop.
From the story, students learn about saving, savings goals, opportunity cost, and segregation.
The students participate in a card game to further investigate what it takes to reach a savings goal.

We would like to thank the Federal Reserve Bank of St. Louis for allowing us to reprint this lesson. Visit Econ Lowdown  TM , the Federal Reserve Bank of St. Louis' website of award-winning free classroom resources for use by pre-K through college educators who teach economics, personal finance, money, banking and the Federal Reserve. For an interactive whiteboard (SMART/Notebook or ActivInspire/flipchart) lesson please visit: https://www.stlouisfed.org/education/uncle-jeds-barbershop.

Learning Objectives

  • define opportunity cost,
  • identify the opportunity cost of a decision given two or more alternatives,
  • define saving and savings goal,
  • identify a savings goal
  • explain that people must make spending and saving choices to meet goals.

Resource List

Please visit EconLowdown  TM .

Process

Please visit EconLowdown  TM .

Conclusion

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Extension Activity

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Assessment

Please visit EconLowdown  TM .